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Offshore Savings Accounts in Guernsey

Many people choose to invest their savings in offshore savings accounts in Guernsey, Jersey and the Isle of Man. These tend to be offered by offshore arms of major banks.

Banks and building societies that provide offshore accounts in Guernsey include:

Barclays Wealth

Clydesdale Bank International Ltd

Investec Bank

Kleinwort Benson Bank

Skipton International Ltd

The Co-operative Bank

If you are interested in opening an offshore savings account in Guernsey, you would be best advised to compare a variety of accounts available to ensure that you are getting the best and most suitable deal.

For most people, the advantage of opening an offshore savings account in Guernsey is the fact that they will be secured by the island’s financial compensation scheme. Therefore, in the case that the bank in which you deposited your savings was to collapse, you would be able to receive some form of compensation. Opening an offshore savings account in Guernsey could be appealing for the following reasons:

Save in foreign currencies

This could be particularly beneficial to those that work abroad and receive their wages in a foreign currency.

The potential to earn more interest

As interest is paid on you ‘gross’ rather than ‘net’ savings, you could receive more interest. Furthermore, the delay in paying income tax could also contribute to this.

Interest deferral

With this option, you could choose to defer your interest payments to a time that could be most beneficial to you in terms of tax, such as when your income will be significantly lower.

Choice of offshore savings accounts

Many providers will offer a variety of different offshore savings accounts in Guernsey, such as notice or instant access. However, it is worth considering the details of each different offshore savings account deal to ensure that you are aware of any possible drawbacks. If you see a deal you like the sound of on our comparison tables, simply follow the link to go to the provider’s website.